from Crucial FAQ:
What is the performance difference between CL2 and CL3?
Description:
What is the performance difference between CL2 and CL3?
Solution:
CL2 parts process data a little quicker than CL3 parts in that you have to wait one less clock cycle for the initial data. However, after the first piece of data is processed, the rest of the data is processed at equal speeds. Latency only affects the initial burst of data. Once data starts flowing, there is no effect. Bear in mind, a clock cycle for a PC100 module is 10 nanoseconds so you probably won't notice a significant performance difference. Most systems will accept either latency part. However, there are some systems that require either CL2 or CL3 parts. These requirements are built into our Memory Selector.